Rasheed company reports net income of 390000 for the year, Ask an Expert

Accounting

Rasheed Company reports net income of $390,000 for the year ended December 31, 2011. It also reports $70,000 depreciation expense and a $10,000 gain on the sale of machinery. Its comparative balance sheets reveal a $30,000 increase in accounts receivable, $16,000 increase in accounts payable, $8,000 decrease in prepaid expenses, and $12,000 decrease in wages payable.

Required:

Prepare only the operating activities section of the statement of cash flows for 2011 using the indirect method.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9959131

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